Ann: Investor Presentation, page-2

Wow! Had a scan through. Comprehensive and overwhelming. The valuation methodologies are quite esoteric.

There is limited Fund or Broker following as the model is so complicated. That keeps a lid on the share price.

But the main lid on the share price is actual bottom line performance. The model may stack up on paper but it is burdened by the operating costs (primarily staff) to run the business.

I have held for a lot of years on the basis that there are high and growing funds invested, and in theory a positive return on those investments. A long term average 2.2 Multiple on Invested Capital (MOIC).

However, so far its all theory and no result.